Record lobster catches drive down prices to $3 per lb.

YARMOUTH — Hard working lobster fishermen in southwestern Nova Scotia had more to worry about Friday than gusty north west winds and choppy seas.

The price they're paid for their catch fell late Thursday to $3 a pound – the lowest opening week price in a long time.

The local lobster season opened Tuesday and boats unloaded their first catches Wednesday.

“It started off at $3.25 and it went down to $3,” for Thursday's catch, one industry rep said Friday.

“We normally buy for three or four days,” said the lobster shipping source who confirmed, dealers then settle on a boat price, or the price the buyers agree to pay fishermen.

Friday's catch was expected to remain at $3 per pound, said the source.

Another industry source in southwestern Nova Scotia said lobsters are very abundant and that's likely why the price dropped to $3 after just one day.

“We've never seen this much lobster in the market before,” said Geoff Irvine of the Lobster Council of Canada.

“We've got record landings everywhere.

“Its a completely predictable supply and demand situation,” he said Friday.

Last year's opening price of $3.25 per pound was down from the 2010 opening price of $4 and the 2009 opening $4.50 per pound for the southwestern region, Irvine recalled.

Fishermen are extremely busy at this time of year because most of their earnings for the entire six-month season come during the first three or four weeks, leading into Christmas and New Years periods.

One Yarmouth County boat tied up late Thursday and offloaded 8,700 pounds of lobster, said a buyer for one local company.

At $3 per pound the boat realized $26,100.

However catches like that don't last long, say fishermen. And rising fuel costs along with salary, bait and gear expenses soon take a big chunk of the earnings.

Catches have been good, most sources confirmed, and quality has likewise, been good.

Irvine agreed, adding that he was not only talking about southwestern Nova Scotia but including the entire Canadian lobster industry, when he said landings were incredible.

He said the state of Maine too, has landed record numbers.

“Maine landed 105 million pounds last year and they're going to land more this year. We have to keep them in mind as well.”

Southwestern Nova Scotia – from Cole Harbour, down along the south shore and around Yarmouth to Digby – is divided into two lobster fishing areas known as areas 33 and 34.

Last year those two areas with some 1,700 lobster boats landed more than 50 million pounds of lobster.

That's more than 40 per cent of overall Canadian lobster landings of 125 million pounds, Irvine said.

The good news is that Nova Scotia lobster is being sold.

“We are finding homes for all this product and we're ready for the Christmas market,” said Irvine.

Not all lobster is sold live.

Processors take much of the lobster and prepare packages of tails or claws for restaurant and entertainment industry markets.